Through exclusive conversations with senior private banking leaders in the Middle East, Euromoney explores five forces reshaping the region’s wealth management landscape.

CaixaBank continues to lead by example, combining innovative digital solutions with a strong focus on sustainability and a client-centric approach to manage and grow wealth responsibly.

Deutsche Bank Private Bank has delivered robust financial growth in its domestic market, driven by strategic operational synergies, targeted expansion in key client segments, and effective adaptation to evolving client preferences.

KBC Private Bank has continued to achieve significant growth in its private banking network, strengthened its digital excellence through innovative solutions, and elevated client experiences with personalised, proactive technology integration.

Standard Chartered's private banking business in the UK has seen notable growth and strategic developments over the past year.

Deutsche Bank Private Bank’s strategic initiatives in Italy have not only enhanced its financial performance but also solidified its reputation as a leader in integrating sustainability and comprehensive wealth management solutions.

Goldman Sachs’ dedication to client service, innovative solutions, and strong performance solidifies its position as the best private bank in the US. The firm’s holistic approach, exclusive opportunities, and commitment to sustainability and innovation make it a trusted partner to its US clients.

With roots in the Americas since the 19th century, Deutsche Bank Private Bank – awarded this year as Best international private bank in North America – operates in this region as a boutique firm focused on the ultra-high-net-worth (UHNW) and family office segments.

Deutsche Bank Private Bank has long been a giant in commercial real estate (CRE) financing. The financial services giant lends against most CRE collateral types, notably multi-tenanted or investment grade office, retail and industrial/logistics properties. It offers mortgage services for the acquisition, refinance or repositioning of properties located in over a dozen markets, including France, Singapore, Britain, the US, India and Australia.

Hats off to Deutsche Bank Private Bank for notching its own hat-trick of sorts, by being named the world’s best for entrepreneurs for the third year in a row. The Frankfurt-based lender was founded over 150 years ago with the aim of supporting entrepreneurs in its home market; it has since become adept at supporting the financial needs of founders across the world.

HashKey’s rise from scrappy startup to a leading digital asset platform underscores a critical shift: banks are no longer bystanders. Through partnerships with Standard Chartered, Deutsche Bank and others, the exchange is pioneering a blueprint for bridging traditional finance with the blockchain era – redefining risk, innovation and trust in the process.

Over the last year, Deutsche Bank has played a pivotal role in the development of financial markets in the Asia-Pacific region, assisting clients in navigating the evolution of the FX markets amidst volatility and uncertainty.

Deutsche Bank has continued to deliver solid growth in its western Europe FX business as demonstrated by the rapid adoption of its new offerings among the European client base.

Former credit trader Shikha Gupta discovers that a verbal contract isn’t worth the paper it is written on.

Focusing on its core strengths has helped Deutsche Bank serve corporate clients amid intense geopolitical, technological and environmental challenges.

Commerzbank has seen a remarkable bounce back in its profitability and share price over the past four years, something that was particularly apparent in 2023. The year began with its re-inclusion in the DAX in February, five years after it was ejected from the index of German blue-chip stocks. This was thanks to a dramatic recovery in its share price from the depths it hit during the early Covid-19 period.

After years of retrenchment, Commerzbank’s head of corporate clients Michael Kotzbauer tells Euromoney of a tentative return to growth. The bank has dodged Germany’s commercial real estate slump but is having to adapt to a worsening geopolitical backdrop. Capital and cost efficiency remain big priorities.

The two European banks are both trying to de-emphasise their investment banks and want to build up areas where they see weakness. Barclays is later to this party than Deutsche, but both will have found encouragement in the first three months of 2024.

Deutsche Bank Private Bank is building a focus on the most challenging customer segment of all: ultra-high net-worth individuals and family offices.

In its home market, Deutsche Bank has expanded its leadership with high net-worth (HNW) customers, as well as with the ultra-high net-worth (UHNW) clients that are becoming a core focus in Germany, Europe and cross the globe.

“We take pride in being a trusted partner, not only in exclusive investment and financing solutions, but also in environmental, social and governance opportunities, legacy and estate planning, wealth planning, and philanthropy,” Deutsche Bank Private Bank declared in its pitch document for this award.

Deutsche Bank Private Bank takes this award for the second year in a row. The German lender was founded more than 150 years ago with the express aim of supporting entrepreneurs in its home market and, later, beyond.

Deutsche Bank Private Bank is far from the only global wealth manager to have transformed its business model and its fortunes in recent years.

The German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.

Leading commercial banks are focusing on their approach to relationship management to reassure corporate customers that they are being listened to.

In 2020, Deutsche Bank’s Asia chief, Alexander von zur Mühlen, placed more of his chips on fast-growing southeast Asia. As global firms diversify out of China, his prescience and willingness to deliver on his convictions is starting to pay off.

Deutsche Bank’s Mexico team says the country is vital for Latin American credibility and that nearshoring will drive FDI in the coming decade.

Deutsche Bank’s FX business continues to grow.

Deutsche Bank’s spot market share has increased by 13% over the review period, driven by innovations in electronic pricing solutions, thought leadership and a dedicated global voice-trading team that is able to keep the liquidity tap running for clients in the face of macroeconomic challenges.

Deutsche Bank’s investment in principal resting order (PRO) technology for spot FX trades has enabled clients to earn spread while trading with the bank. PRO also enables the bank to further increase its internalization rate and hence reduce market impact for the entire client franchise.